In a piece by John W. Schoen, senior producer at MSNBC, he leads with:
As the turmoil in the Middle East spreads to Libya, a major oil producer, the shockwaves of Arab unrest are reverberating through the global oil supply chain – and threatening to spill over into the global economy. Click here to read the full story.
Even if prices stabilize, the higher cost of energy comes as the global economy is already struggling to come back from the recession, with Texas just now seeming to enter that arena (as evidenced by the states’ significant budget shortfall this biennium).
You can be sure that a crisis in the oil industry will have an effect on the bills passed this session in the oil refining Mecca of the United States. Stay tuned as Public Citizen tracks the impacts on the regulatory industry in the State over the next year.